Bitcoin Price Analysis: BTC/USD Hovers Near $5,500 but Focus is on $5,600


Bitcoin (BTC) Live Price

1 BTC/USD =$49,743.2573 change ~ 1.08%

Coin Market Cap

$930.72 Billion

24 Hour Volume

$25.95 Billion

24 Hour VWAP

$50.13 K

24 Hour Change

$538.94
  • Bitcoin value increased by at least 22% in April alone.
  • Millennials prefer Bitcoin to other forms of investments.

BTC/USD is seen trading at $5,321 on Coinbase following a formidable rise on the first day of May. Bitcoin value increased by at least 22% in April in addition to breaking above several key resistance levels, in turn, ushering in a bullish phase across the cryptocurrency market. However, April also witnessed a series of bearish movements but $5,000 has emerged strong support.

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In fact, the flash drop on Thursday last week found solace at $5,000 although it tested $4,950. A correction ensued as the price shot up again reclaiming the support at $5,100. However, the upside stayed limited under $5,200 for a few days. The slight breakout on Monday meant that Bitcoin buyers wanted to end April positively and start a new month with the right momentum.

There was a break past the 38.2% Fib retracement taken between the last swing high of $5,628.48 and a swing low of $4,965.34. Further correction above the EMA200 strengthened the bullish trend even more. Bitcoin buyers increased positions taking the price above the 100 SMA as well as the 50% Fibonacci level. Unfortunately, the momentum lost steam as the price ground into a halt short of $5,400.

Meanwhile, the former resistance at 50% Fibonacci level is currently functioning as support for the largest asset which is trending sideways in a tight range between $5,375.36 and $5,297.95. technical analysis shows BTC/USD primed for sideways trading in the coming sessions. Besides, another breakout that will assault levels above $5,400 is brewing as long as the price stays above EMA200 while the RSI continues to trend sideways.

In other related news, a report from a survey conducted in the United States says that millennials prefer Bitcoin to other forms of investments including stocks, gold, and real estate. There has been an increase in the people between 18 and 34 who are interested in Bitcoin 2019 when compared to 2017.

Read Also: ‌Bitcoin, Ethereum, EOS, and Litecoin Analysis: Top Cryptocurrency Price Prediction

Bitcoin’s price is $49,743.26 BTC/USD exchange rate today. The real-time BTC market cap of $930.72 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $25.95 Billion and live coin value change of BTC 1.08 in the last 24 hours.

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